WTFBitcoin Week 4, 2023
Bitcoin circular economy is rippin'
TLDR: Development continues🔥.
Hey there niblings, it’s uncle Bam again, with a summary of the most insightful events in the Bitcoin space. Back at it again digesting all the important news for you.
This week could perhaps been perceived as if not much has happened, but the price was strong enough to sustain the $23,000 level, which after all we’ve been through, it at least deserve a little credit. Last year was one full of lessons, specially about self custody. As bitcoin becomes “mainstream”, self responsibility should so as well, but unfortunately, it often doesn’t happen without people learning their lesson by touching the stove and realizing is hot as f#ck. With the break and fall of all “yield providing bitcoin & crypto exchanges”, it does seem to be a big trend heading into self custody.
For an asset with limited supply such as bitcoin, it is important to take control of your own funds. By doing so, you help remove the incentive for corrupt players to sell paper bitcoin, as people would naturally wonder how can a given player sell so much, when/if most of the supply is out of the hand of the exchanges.
Throughout this epoch, exchanges have been getting drained at a pace of -775 bitcoin per day, a metric that has never happened before. Exchange addresses were used to only getting bigger, well it seems times have changed, and it is a good thing, an amazing one.
THE NEWS
1. EU committee approves BIS policy to let banks hold 2% of capital in Bitcoin.
2. Using ZEBEDEE, a developer made possible to play Super Mario and earn sats every time Mario gets some coins!
3. Blockstream has announced they’ve raised $125 million with the aim of expanding their institutional bitcoin mining services.
4. Genesis Coin Inc., the first and largest bitcoin ATM software platform in the world, announced that they have been acquired by Bitstop Founders Andrew Barnard and Doug Carrillo.
5. Relai, through Relai Business over-the-counter service, will allow businesses to purchase bitcoin quickly.
6. Mt Pelerin, a Swiss-based cryptocurrency exchange, has announced new support for the Bitcoin’s Lightning Network on their app.
7. Peach bitcoin, a peer 2 peer bitcoin exchange released in September 2022, has seen now more than 20 bitcoin being exchanged through their Open Beta app.
When bitcoin is bought this way, the bank knows you’ve made a transaction to someone else, but not what you’ve bought. Why is this important? In the last couple of weeks, uncle Bam has read multiple cases of Banks blocking access to Exchange addresses, also bitcoin is a peer 2 peer network ;) .
8. The World Bank shows the top 8 countries in remittance value for 2022. This not only displays a potential value for Bitcoin, but doesn’t even take into consideration the new and ingenious way Nigerans have discovered to remit at low cost via Bitcoin.
With Bitcoin & Lightning, the business of remittance is about to experience a drastic explosion in innovation!
9. Bitcoin circular economy continues to grow in Bitcoin Jungle Costa Rica, and even in the U.S. across the rancher community.
10. Parman, a bitcoiner, shows a twitter thread displaying how he “oranged pilled” ChatGPT, with a thorough conversation ending with the AI admitting Bitcoin is the only solution to end central banking.
11. Orange pill them while they are still young. The next generation of bitcoiners is not priced in.
FUNDAMENTALS
12. Long-term Bitcoin holders have added to their stacks in aggregate over the past two weeks. If we consider how bitcoin has appreciated from the beginning of the year, this is an indication that perhaps:
“Bitcoiners are not even thinking about thinking about selling their bitcoin” – uncle Bam Powell
Bitcoin Magazine shared an amazing chart displaying the previous bitcoin price bottoms, identified with different on-chain metrics. It is naturally easier to do so in retrospect, but it shows a potential signal for having the bottom being set back in November 2022. Is it time for bitcoin to recover? Only time will tell.
As a summary note..
Let’s not forget what it is at stake here.
Have a great weekend niblings.
Stay humble & stack sats.
Buy Uncle Bam a cup of coffee ☕ or a nice ribeye 🥩 <3
Lightning Address: rustybeam47@walletofsatoshi.com
Lightning URL: LNURL1DP68GURN8GHJ7AMPD3KX2AR0VEEKZAR0WD5XJTNRDAKJ7TNHV4KXCTTTDEHHWM30D3H82UNVWQHHYATNW3UKYETPD56RWT9G2XF
My man
2023 brother!